Carlos Kirjner at Bernstein has a note out titled, "Could YHOO Be Worth $25 Or More?"

His answer is yes, if Yahoo's Asian assets appreciate in value and the core business does just slightly better than expected.

(Yahoo is trading around $19, now.)

He says, "It is hard to see Yahoo! as a long-term winner, but, it is quite plausible that it could do better than expected from better and more investment in mobile, in video, in monetizing its audience, and in social."